Yukos shareholders have withdrawn a lawsuit against Russia in India

The former shareholders of Yukos — Hulley Enterprises, Yukos Universal Limited and Veteran Petroleum withdrew his petition in Delhi high court on the recognition and enforcement of the Hague arbitral award for $50 billion in India, said the representative of GML (of Gibraltar holding, representing the former shareholders). It’s a decision that GML calls “pure procedural”, was predictable after the April district court of the Hague reversed the decision of international arbitration on $50 billion in compensation.

In early April, the former shareholders of Yukos filed a petition in the Indian court on the recognition in this country of the decision of the Hague arbitration. The head of the GML Tim Osborne then explained that India has a substantial Russian assets that can be recovered in the account of the Russian debt in the liquidation of Yukos. To India similar processes have been launched in Belgium, France, great Britain, Germany and the USA, and in Belgium and in France, the former shareholders of managed using bailiffs to seize Russian state assets for €1 billion.

But after the April decision of the district court of the Hague, these processes are at least temporarily lost its meaning. So, in India, the courts refuse to enforce a foreign arbitral award if it is revoked by a national court of the country where the arbitration (as is the case with Yukos). Previously, the former shareholders of Yukos has suspended the process of enforcement of the Hague arbitration award in the UK and withdrew a petition in Germany and France has suffered a series of setbacks (including some arrests of ownership was deemed illegal by a French court).

GML is preparing to appeal against the decision of the Hague district court in the local court of appeal: in case of success (and if then Russia will not win in the Supreme court of the Netherlands) the former shareholders of Yukos will be able to restart all the processes for the recovery of the Russian assets, including discontinued now process in India, said a representative of the GML.